By Stephen Nakrosis
Shares of Connexa Sports Technologies were trading lower on the Nasdaq on Monday, the stock’s first day of trading following a 1-for-40 reverse stock split which was effected on Sept. 22.
At 1:36 p.m. ET, the company’s shares had fallen 21%, to $4.18 a share. The stock, which opened at $4, traded as low as $3.90 and as high as $4.93 earlier in the session.
The company said the reverse stock split was part of its plan to regain compliance with the Nasdaq’s minimum bid price requirement of $1 per share.
The company said last week that it received a letter from The Nasdaq Capital Market indicating that it was in violation of the exchange’s continued listing requirements due to failure to file its Quarterly Report on Form 10-Q for the period ended July 31, 2023.
Connexa Sports offers game improvement products and technologies across tennis and other ball sports.
Write to Stephen Nakrosis at [email protected]
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